Question

Product extension and refinement:a. shorten the product life cycle. b. extend the product life cycle. c. are too costly for most firms. d. take place during basic research. e. end the product life cycle.

Answer 1

Product extension and refinement are tactics to extend the product life cycle by enhancing products or tapping into new markets, promoting ongoing innovation, and sustaining competition.

Step-by-step explanation:

Product extension and refinement are strategies employed by businesses to extend the product life cycle. These strategies involve adding new features, improving existing functions, or targeting new markets. Contrary to shortening the life cycle or ending it, extending the life cycle can lead to enhanced profit margins over a specified period and encourage ongoing research and development.

In the context of market competition, leveraging new technologies for product refinement can give a company an advantage. On the other hand, policies like shorter patent protection might deter innovation due to reduced incentives, thus potentially decreasing research and development efforts.

Considering these factors, it becomes evident that companies face pressure to continuously evolve their products to remain competitive in the long term, as over several years, expansion and innovation are more feasible compared to short-term adjustments.

Answer 2

Answer:B(extend the product life cycle)

Step-by-step explanation:

Product expansion is otherwise called line extension where a brand covers another items under a product classification and its right now presents with new shading, sizes, pack sizes and structures. While refinement are small alterations or increases that made to something on an attempt to enhance it.